UBS 43rd Annual Global Media and Communications Conference December 7, 2015

FORWARD LOOKING STATEMENTS & SAFE HARBOR

This document contains forward-looking statements. You can generally identify forward-looking statements by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Media General, Meredith and Meredith Media General's control.

Statements in this document regarding Media General, Meredith and the combined company that are forward-looking, including projections as to the anticipated benefits of the proposed transaction, the methods that will be used to finance the transaction, the impact of the transaction on anticipated financial results, the synergies from the proposed transaction, and the closing date for the proposed transaction, are based on management’s estimates, assumptions and projections, and are subject to significant uncertainties and other factors, many of which are beyond the control of Media General and Meredith. In particular, projected financial information for the combined company is based on management’s estimates, assumptions and projections and has not been prepared in conformance with the applicable accounting requirements of Regulation S-X relating to pro forma financial information, and the required pro forma adjustments have not been applied and are not reflected therein. None of this information should be considered in isolation from, or as a substitute for, the historical financial statements of Media General or Meredith. Important risk factors could cause actual future results and other future events to differ materially from those currently estimated by management, including, but not limited to: the timing to consummate the proposed transaction; the risk that a condition to closing of the proposed transaction may not be satisfied and the transaction may not close; the risk that a regulatory approval that may be required for the proposed transaction is delayed, is not obtained or is obtained subject to conditions that are not anticipated; the combined company’s ability to achieve the synergies and value creation contemplated by the proposed transaction; management’s ability to promptly and effectively integrate the businesses of the two companies; the diversion of management time on transaction-related issues; change in national and regional economic conditions, the competitiveness of political races and voter initiatives, pricing fluctuations in local and national advertising, future regulatory actions and conditions in the television stations’ operating areas, competition from others in the broadcast television markets served by Media General and Meredith, volatility in programming costs, the effects of governmental regulation of broadcasting, industry consolidation, technological developments and major world news events.

For more discussion of important risk factors that may materially affect Media General, Meredith and Meredith Media General, please see the risk factors contained in Media General's Annual Report on Form 10-K for its fiscal year ended December 31, 2014 and Meredith's Annual Report on Form 10-K for its fiscal year ended June 30, 2015, both of which are on file with the SEC. You should also read Meredith's and Media General's Quarterly Report on Form 10-Q for the quarter ended September 30, 2015. Except as specifically noted, information on, or accessible from, any website to which this website contains a hyperlink is not incorporated by reference into this website and does not constitute a part of this website.

No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, what impact they will have on the results of operations, financial condition or cash flows of Media General, Meredith or the combined company. None of Media General, Meredith nor Meredith Media General assumes any duty to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, as of any future date.

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No Offer or Solicitation

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

This communication is not a solicitation of a proxy from any shareholder of Media General, Inc. (“Media General”) or MeredithCorporation (“Meredith”). In connection with the Agreement and Plan of Merger by and among Media General, Montage New Holdco, Inc. (to be renamed Meredith Media General Corporation after closing) (“Meredith Media General”), Meredith and the other parties thereto (the “Merger”), Media General, Meredith Media General and Meredith intend to file relevant materials with the Securities and Exchange Commission ("SEC"), including a Registration Statement on Form S-4 filed by Meredith Media General that will contain a joint proxy statement/prospectus. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THESE MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT MEDIA GENERAL, MEREDITH, MEREDITH MEDIA GENERAL AND THE MERGER. The Form S-4, including the joint proxy statement/prospectus, and other relevant materials (when they become available), and any other documents filed by Media General, Meredith and Meredith Media General with the SEC, may be obtained free of charge at the SEC’s web site at www.sec.gov. The documents filed by Media General and Meredith Media General may also be obtained for free from Media General’s Investor Relations web site (http://www.mediageneral.com/investor/index.htm) or by directing a request to Media General’s Investor Relations contact, Courtney Guertin, Director of Marketing & Communications, at 401-457-9501. The documents filed by Meredith may also be obtained for free from Meredith’s Investor Relations web site (http://ir.meredith.com) or by directing a request to Meredith’s Shareholder/Financial Analyst contact, Mike Lovell, Director of Investor Relations, at 515-284-3622.

PARTICIPANTS IN THE SOLICITATION

Media General and Meredith and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from the security holders of either Media General or Meredith in connection with the Merger. Informationabout Media General’s directors and executive officers is available in Media General’s definitive proxy statement, dated March 13, 2015, for its 2015 annual meeting of shareholders. Information about Meredith’s directors and executive officers is available inMeredith’s definitive proxy statement, dated September 26, 2014, for its 2014 annual meeting of shareholders. Other information regarding the participants and description of their direct and indirect interests, by security holdings or otherwise, will becontained in the Form S-4 and the joint proxy statement/prospectus regarding the Merger that Meredith Media General will file with the SEC when it becomes available.

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Strong Investment ThesisToday’s Agenda

Meredith Overview

National Media Group Strategies

Putting it Together: Case Study

Local Media Group Strategies

Current events

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Meredith at a Glance

National MediaRevenue: $1.1B

EBITDA: $150M

Local MediaRevenue: $550M

EBITDA: $200M

Figures represent actual results for fiscal year ended June 30, 2015

WORKING YOUWSM V -TV WSM V-DT NASHVILL E

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A Year of Accomplishments

Record broadcast revenue and EBITDA

Successful integration of 4 additional television stations

Rapid growth in digital, mobile, video and social platforms

Expanded scale with Martha Stewart, Shape media brands; entered wedding category and added ad tech platforms

Grew dividend for 22nd straight year

Agreement with Media General to create powerful multiplatform and diversified media company

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Strong Investment ThesisToday’s Agenda

Meredith Overview

National Media Group Strategies

Putting it Together: Case Study

Local Media Group Strategies

Current events

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INGREDIENTS FOR Something

Special

National Media Group FootprintReaches 100 Million Unduplicated American Women Monthly

70 Million Unique Visitors | More than 60% of Millennial Women

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YOUNG WOMEN YOUNG FAMILIES ESTABLISHED FAMILIES WOMEN OF WORTHNEW NESTERS

Growing Audience Engagement Across Platforms

50

75

100

125

150

175

200

2009 2010 2011 2012 2013 2014 2015

Audie

nce (

in m

illions)

Print

Online

Mobile 25% of audience

15% of audience

60% of audience

Digital is adding to Meredith’s total audience, and is not cannibalizing print

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Digital Advertising Revenue Growing as Percent of Total

5%

29%

Digital is an Increasing Piece of Total Ad Share

FY-07 FY-11 FY-15 1H-16

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Drive audience growth and engagement across platforms

Protect and grow share of advertising revenues

Increase revenue and profit contribution from circulation

Leverage and strengthen brand licensing

Maximize Meredith Xcelerated Marketing

Strengthen portfolio through investment and acquisitions

Accelerate digital platform growth

National Media Group Strategies

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National Media Group Digital Strategies

Develop best-in-class branded content and products

Increase audience engagement across platforms

Leverage data to improve ROI and consumer experience

Strengthen advertising pricing and revenue mix

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Engaged and Growing Audience of 70 Million

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Develop Best-in-Class Branded Experiences

• Improved User Experience

• Improved Natural Search Ranking

• Updated Ad Placements

• Modernized Look & Feel

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Leveraging Data to Improve ROI

• We focus on women at scale:― 100 million consumers― 70 million unique visitors

• 1st party data is based on direct behavioral engagement

• We operate across platforms

• Data is our DNA― Team of expert data analysts― Identify trends and consumer intent― Used to find, inform and reach

consumers throughout purchase path

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Strengthening Advertising Pricing and Revenue Mix

Enterp

VIDEO LAPTOP / DESKTOP MOBILE

PREMIUMPERFORMANCE

PREMIUM CONTEXTUAL &

AUDIENCE TARGETED

RUN OF NETWORK

REMNANT

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Strong Investment ThesisToday’s Agenda

Meredith Overview

National Media Group Strategies

Putting it Together: Case Study

Local Media Group Strategies

Current events

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world’s largest digital

food brand

leading destination for active moms

largest magazine media

brand

The Trusted Experts For 100 Million WomenMeredith brands offer guidance at every life stage and across her passions.

#1 in active-lifestyle,

millennial women

America’s favorite

hostess

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Organic Brand AlignmentMeredith is best positioned to connect marketers with their target audience

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baby health food lifestyle

IDEATE CREATE FILTER DISTRIBUTE VALIDATE

Meredith’s Content EcosystemAn end-to-end solution for brand and agency partners

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Understanding She Is Always OnOur content creators understand her journey: From day-to-day at every life stage

IDEATE CREATE

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Meredith can filter your brand’s program through our audience segments to more precisely reach the right consumers; eliminate waste and maximize return

Audience Targeting

> Millennial Moms

> Pregnant Women

> Parents w/ kids 0-2

> Parents w/ toddlers

> Babies R Us Shoppers

> Baby Product Shoppers

> Haute (New) Mamas

MEREDITH REACHES MORE

MOMS THAN ANY OTHER MEDIA

COMPANY

Ours is the largest U.S. media database with 100MM consumers and 800 data points per person

FILTER

Client

targeting mothers

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Assets Created With Distribution In Mind

native bloggers video rich media

& display

shopper

Comprehensive portfolio distributes assets in a variety of formats across all platforms

EMAILSOCIAL MOBILECLIENT OWNED &

OPERATEDDESKTOP PRINT

DISTRIBUTE

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Meredith Pioneered an Industry Standard

VALIDATE

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Meredith media outperforms portals/ad networks and premium digital

*ROI: For every dollar spent with Meredith, the advertised brand received an incremental $X in sales vs. the control.

Portals/ad networks includes: AOL, MSN, Yahoo; 5-year average

Source: NCS/Nielsen, Meredith studies 2011-2015; Digital 2005-2015

ROI¹

vs. Portals/Ad Networks

Meredith Magazines $7.45 +188%

Meredith Digital $7.35 +184%

Portals/Ad Networks $2.59 ―

Premium Digital $2.89 +12%(non-Magazine Brand)

Strong Investment ThesisToday’s Agenda

Meredith Overview

National Media Group Strategies

Putting it Together: Case Study

Local Media Group Strategies

Current events

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Local Media Group FootprintStrong Portfolio in Large and Mid-Size Markets

Station Market

Market Rank

NetworkAffiliation

Atlanta 9 CBS

Atlanta 9 IND

Phoenix 12 CBS

Phoenix 12 IND

St. Louis 21 CBS

Portland 24 FOX

Portland 24 MyTV

Nashville 29 NBC

Hartford 30 CBS

Kansas City 33 CBS

Kansas City 33

Greenville 37 FOX

MyTV

Las Vegas 40 FOX

Mobile 58 FOX

Flint 71 CBS

Springfield 116 CBS

Springfield 116 ABC

Springfield 116 FOX

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Local Media Growth Strategies

Own #1 or #2 rated stations in our markets

Grow non-political and political advertising revenues

Protect and grow retransmission revenues

Expand mobile and other digital platforms

Maximize shareholder value in spectrum auction

Continue to add strong stations in fast-growing markets

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Non-Political EBITDAPolitical Other

FY2011 FY2013 FY2015

$322$376

$534

$112

EBITDA Margin:

$150$206

40% 39%

Strong Revenue & EBITDA Growth

35%

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EBITDA CAGR: 16%

REVENUE CAGR: 13%

$ in millions

Track Record of Successful Station Acquisitions

Powerful station that produces most news in Arizona

Phoenix: Market 12

St. Louis: Market 21

CBS affiliate with highly-ranked newscasts

ABC and Fox affiliates strengthens competitive position

Springfield, MA

Fox affiliate in fast-growing region

Mobile: Market 59

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Our Stations are in Large, Fast-Growing Markets

3

2

1

0

HH in the DMA (M)

Las

Veg

as

0.7

Gre

envl

le

Kan

sas

Cit

y

Har

tfo

rd

Nas

hvi

lle

Po

rtla

nd

St. L

ou

is

Ph

oen

ix

Atl

anta

2.4

Flin

t

Mo

bile

0.5

DMA #1-50

DMA #51-100

DMA #101+

Avg Ad Rev / Station: $45M

Avg Ad Rev / Station: $19M

Spri

ngf

ield

0.25Avg Ad Rev / Station: $12M

Source: SNL Data 30

Television Advertising Performance vs. Industry

Calendar Meredith IndustryMeredith vs.

Industry(Pct. Pts.)

2012* 13% 15% (2)

2013 (11)% (13)% +2

2014* 11% 8% +3

2015 (9 months) (4)% (6)% +2

Year-over-year change; Total ad revenues

Source: Television Bureau of Advertising; * Political Year 31

40%

HartfordSpringfield

(CBS) + (FOX)

St. Louis(CBS)

AtlantaPhoenix

Kansas CitySaginaw

(CBS)

Las VegasPortland

GreenvilleMobile(FOX)

Fiscal2019

MVPD Renewal Schedule

Affiliation Renewal Schedule

Nashville(NBC)

Increasing Retransmission Revenue and Contribution

Fiscal2017

Fiscal2018

Fiscal2016

40% 20%

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Strong Investment ThesisToday’s Agenda

Meredith Overview

National Media Group Strategies

Putting it Together: Case Study

Local Media Group Strategies

Current events

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Total company revenues up low-single digits

Local Media Group non-political advertising revenues up high-single digits

National Media Group advertising revenues up more than 15 percent

Fiscal 2016 Second Quarter

Second Quarter: $0.75 to $0.80

Full Year: $2.90 to $3.25¹(Established July 30, 2015)

Key Assumptions:

Earnings per share:

(1) Excludes special items34

The New Meredith Media General

Local Broadcaster of Scale

National Multiplatform Media Brands

Top Digital Operator

A powerful multiplatform and diversified media company

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• A powerful competitor in the media industry with $3 billion in revenues, over $920 million of EBITDA, and at least $1 billion in pro-forma cumulative free cash flow in the first two calendar years post-closing.

• At least $85 million of verified synergies, which could climb even higher as the two companies move forward with integration activities.

• More than 80 television stations across 54 markets that reach 34 million U.S. TV households. These high-quality local broadcast assets will include 25 Big Four network-affiliated TV stations in the Top 50 DMAs, making Meredith Media General the largest owner of Big Four stations in Top 50 markets.

• Powerful digital platform reaching more than 200 million monthly unique visitors via a combination of leading national and local consumer sites and business-to-business digital capabilities in key growth sectors such as content, mobile, social, video and native advertising.

• Leading multiplatform national media brands with a top female reach of 100 million unduplicated American women and over 60 percent of U.S. Millennial women across multiple platforms including print, digital, mobile, video and brand licensing. It will also possess a profitable marketing services business.

Meredith Media General Strategic Rationale

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Meredith Media General Positioned for Growth

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Meredith Media General’s 30 percent TV household reach provides for further expansion in the television space, as it is well below the government-mandated 39 percent ownership cap.

Meredith Media General will possess a powerful digital business, with projected first-year revenues of approximately $500 million and tremendous growth potential. Meredith has an established and profitable digital business and is well-positioned to maximize opportunities inherent in Media General’s current digital activities.

• Meredith Media General will build on Meredith’s success in generating revenues not dependent on advertising via its high-margin brand licensing and its nationally recognized and profitable marketingservices businesses.

Meredith Media General Merger Update

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Meredith understands Media General Board’s fiduciary responsibility to respond to the unsolicited Nexstar proposal consistent with our binding merger agreement. Meredith still remains confident that the combination of Meredith and Media General will generate superior shareholder value – over both the near- and long-term – as compared to a potential Nexstar transaction.

It is important to remember that:

― Our binding agreement to merge with Media General remains in place with fully-committed financing of $2.8 billion

― We are making significant progress on achieving key regulatory approvals needed to complete the transaction

― Our joint integration work has already identified additional synergies

― Meredith and Media General Boards of Directors continue to recommend the Meredith-Media General transaction

Under the terms of our binding merger agreement, Meredith will have the opportunity to review – and propose an alternative superior proposal – to a potential agreement Media General might reach with a third-party.

UBS 43rd Annual Global Media and Communications Conference December 7, 2015